Bitcoin elicited divergent price targets from market analysts. Hayes is eyeing |$50K in the short term, but Gracy Chen believes $100K would...
weakness hiked in September as the world’s largest digital asset struggled below $60k on the charts. In fact, according to Arthur Hayes, Co-Founder of BitMEX and CIO at VC fund Maelstrom, BTC couldMore BTC losses in the short term?
Earlier in the week, Hayes made a bearish call for BTC in the short term, arguing that the expected Fed rate cuts wouldn’t rally crypto markets. This, before interest rate traders increasedU.S liquidity is squeezed as financial institutions have opted for the Fed’s RRP for higher yields, rather than betting on risky assets like Bitcoin.
This would mean net negative liquidity, which could lower BTC prices despite the likely Fed rate cuts, he added. Here, it’s worth pointing out that demand for the crypto has also tapered significantly since Q1. According to CryptoQuantthat BTC would see more selling than buying, given its current megaphone price chart pattern. In a worst-case scenario, Brandt projected that BTC could drop to as low as $46k.On the contrary, some market insiders remain bullish in the long run.
“The recent market decline at the beginning of September is often referred to as the ‘last drop,’ with prices expected to hit new highs by the end of the year. Many analysts remain quite optimistic about Bitcoin’s price outlook for Q4 2024.”“In a scenario without any black swan events, Bitcoin could potentially break through the $100,000 threshold by November, experience a correction, and then begin its climb toward the $200,000 range.
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